Oil Production Resumes, Prices Dip – 17 September, 2020

U.S. oil production resumed after the the threat of Hurricane Sally weakened to a depression, causing oil prices to slip slightly lower. Brent crude fell 6 cents to $43.24 per barrel, while U.S. oil futures slipped 6 cents to $40.91 per barrel. The threat of Hurricane Sally had initially halted U.S. production, putting them on track for a 9% weekly gain, the first one in three weeks. Saudi exports rose from a record low the previous month, reaching as high as 5.73 million barrels per day in the month of July. OPEC and Russia have agreed to cut 7.7 million barrels of output per day to balance the market and support prices.